Day Trading Tips

Automation is in the world of Currency Forex Online Trading truly the lazy man’s way of trading the forex. And this is a smart way to do this. You might be wondering why? Simply because it deletes the strongest enemy to overcome in the process, which is the person himself/herself. Which is by the way: You!.
After stumbling upon FX online trading in 2003, I’ve been through all the obstacles, currency trading has to offer. However, what if you’d rather not undergo all of this personally? So what are the differences between the minority of successful traders and the majority of those 95% who lose money in the forex market?

To make a long story short, there are some key factors which are absolutely crucial to your success if you want to survive in the sea of sharks (Brokers, Institutional Traders, Banks, Advertisers and most important, You!!!). OK, let’s get into it:
The eight basic guidelines you have to follow to become a successful Currency Forex Online Trading Pro
1. Never trade with money you can not afford to loose. You don?t want to sit in front of your computer sweating bullets while you are in a trade. Hence don’t do it!
2. At no time, you should be invested with more than 3% of your trading account balance. Your stop loss order needs to handle this condition at all times.
3. Begin with a sample/demo account for a minimum of 30days when you are a new to forex or try something new out. Most Automated FX Trading Software Systems require a minimum of 3-6 month testing time to get familiar with the software and the trading “habits” of it.
4. Only switch to real or live trading after a minimum of one month profitable trading. It ought to be a minimum of 20 trade transacations, with greater amounts being best. Don’t forget that these are the minimum requirements.
5. After finding a profitable FX Trading Software, always take portions of the newly earned capital out of the account and let the rest accumulate. My suggestion would be to take out half of what you’ve gained every month.
6. Keep a trade log. Always write down, or put your trading data in an excel file. Many MT4 brokers already offer their clients these trade log files.
7. Review and critique the trades made with the system. This is among the most crucial aspects of enhancing your comprehension of the automatic trading programs. Systems weaknesses and strengths become more obvious as you notice similiarities in the trading. Your whole tradng will profit from it.
8. Stick to the rules 1-7. This is the most difficult task in my view. Several traders have lost all their money since they neglected to adhere to these simple fundamental rules.
This is all that is needed in terms of the fundamentals to begin. If you manage to follow these rules, you will do far better than most other traders struggling in the currency market. Get your homework done, stick to the basics and you are on your way to the top 5% who are making serious money with fx online trading.
To the Top!
Michael Mastersen, Webmaster of currencyforexonlinetrading.us

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